Deposits for Plans
Under a Preparation of Plans Agreement or a Preliminary Work contract homebuyers sometimes pay a small deposit on signing these contracts, which does not commit either party to build the home. The agreement covers the builder’s costs of plans being drawn up, application fees, and the like. Usually if the contract goes ahead, any deposit […]
Building Inspections: Existing Homes
In general buyers should arrange the following inspections prior to purchasing an existing home: A building inspection: in order to check for structural problems. A pest inspection: in order to ensure the house is free of termites and pests. There are a number of precautionary steps that you can take to ensure that you are […]
Bonds and Deposits with Councils
Many Local authorities require building licence applicants to lodge a cash security bond in case of damage to footpaths or other requirements during the construction process. Some councils also require a “performance” bond as some kind of assurance that all building codes and regulations will be complied with, or that landscaping will be completed. The […]